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(H2) Probes Key Short-Term Resistance

COPPER TECHS
  • RES 4: $500.00 - Psychological round number
  • RES 3: $487.35 - 1.764 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 2: $477.70/83.40 - High Oct 18 / High May 10 and the bull trigger
  • RES 1: $464.08 - 61.8% retracement of Oct 18 - Nov 17 sell-off
  • PRICE: $446.80 @ 13:59 GMT Nov 25
  • SUP 1: $420.00 - Low Nov 17
  • SUP 2: $409.90 - Low Oct 6
  • SUP 3: $404.00/401.30 - Low Sep 30 / Low Sep 21
  • SUP 4: $397.05 - Low Aug 19

Copper futures have traded higher again today. The contract has probed resistance at $448.60, Nov 15 high. A clear break of this hurdle would strengthen short-term conditions for bulls and pave the way for a climb towards $464.08, a Fibonacci retracement level. Further out, this would also open $477.70, the Oct 18 high and a key resistance. Key support has been defined at $420.00, the Nov 17 low.

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